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Governor McAuliffe Announces more than $6.9 million in Housing Trust Funds

Governor Terry McAuliffe announced today more than $6.9 million in Housing Trust Fund grants and loans for the Homeless Reduction Grant and the Competitive Loan Program. Twenty-three projects will receive grants through these two programs of the Virginia Housing Trust Fund. The Trust Fund is intended to create and preserve affordable housing and to reduce homelessness in the Commonwealth. The biennial budget for fiscal years 2015-16 allocated $4 million in the first year and $4 million to fund activities through the Trust Fund. This follows the 2013-14 biennial budget, which allocated $8 million to create the Trust Fund.

Speaking about today’s announcement at an event in Arlington, Governor McAuliffe said, “Building a new Virginia economy means expanding economic security and opportunity to Virginians from every walk of life – and access to secure and affordable housing is an essential part of that effort. The Virginia Housing Trust Fund uses innovative funding tools to promote affordable housing and homelessness prevention across the Commonwealth. I am proud to award these grants and watch them work to improve real people’s lives and grow our economy.”

“Safe, affordable housing is the foundation of a strong community and a key component of any economic development strategy for catalyzing job growth,” said Secretary of Commerce and Trade Maurice Jones. “This funding will help our communities provide that foundation, which is vital to creating a place for people to live, go to school, work and do business.”

The Competitive Loan Pool is intended to create and preserve affordable housing units within the Commonwealth. The program provides assistance in the form of loans to projects that will meet local affordable housing needs and support the state housing policy. In total, 31 applications were submitted, totaling almost $18 million in requested loans. Eleven projects are being funded and will create or preserve nearly 550 affordable housing units.

The Homeless Reduction Grant program through the Virginia Housing Trust Fund is designed to reduce homelessness within Virginia. The program provides assistance to projects that address homelessness needs in the Commonwealth and supports the state housing policy. The projects are expected to decrease the length of time individuals experience homelessness, decrease the number of new incidents of homelessness and decrease the number of individuals returning to homelessness. Nearly $1.8 million was requested from 22 applicants for the program.

2015 Virginia Housing Trust Fund Competitive Loan Pool:

Organization

Project Name

Locality

Amount

Arlington Partnership for Affordable Housing

Columbia Hills East

Arlington County

$750,000

Community Residences Inc.

Community Residences Independent Permanent Supportive Housing Program

Fairfax County

$456,288

Pathways Homes Inc.

Pathways Homes Permanent Supportive Housing First Program

Fairfax County

$600,000

Virginia Supportive Housing

New Clay House II

City of Richmond

$750,000

Rush Lifetime Homes Inc.

Old Forest Village

City of Lynchburg

$428,903

HEGM Corporation

Ada Park

City of Newport News

$289,304

The Community Builders

Church Hill North Phase 1B Seniors

City of Richmond

$750,000

Second Act Communities SM (formerly known as Virginia Housing Corporation)

Cypress Landing

City of Chesapeake

$600,000

Community Housing Partners

Powell Valley Village Apartments

Lee County

$235,690

Community Housing Inc.

Brookland Park Plaza

City of Richmond

$500,000

Wesley Housing Development Corporation

Lewinsville Senior Residences

Fairfax County

$644,576

TOTAL:

$6,004,761

2015 Virginia Housing Trust Fund Homeless Reduction Grants:

Organization

Service Area

Amount

3E Restoration Inc.

Cities of Hampton, Williamsburg, Newport News and Poquoson, and James City and York counties

$100,000

ForKids Inc.

Cities of Norfolk, Chesapeake and Suffolk

$81,265

HomeAgain

City of Richmond and Henrico, Hanover, Chesterfield, Charles City, New Kent, Powhatan and Goochland counties

$100,000

Micah Ecumenical Ministries

City of Fredericksburg and Caroline, King George, Spotsylvania and Stafford counties

$100,000

New River Community Action Inc.

City of Radford and Giles, Floyd, Montgomery and Pulaski counties

$30,000

Northern Virginia Family Service

Cities of Manassas and Manassas Park, and Prince William County

$100,000

People Incorporated of Virginia

City of Bristol and Buchanan, Dickenson, Russell, Tazewell and Washington counties